The global silicon carbide power semiconductor market is projected to witness the growth at a CAGR of 24.36% during the forecast period to reach a total market size of US$906.43 million by 2022, increasing from US$304.79 million in 2017.

The silicon carbide power semiconductors market is expected to witness robust growth during the forecast period, owing to advantages such as low conductance loss at high temperature and low input and switching losses as compared to conventional silicon power semiconductor.

Increasing demand of silicon carbide-based photovoltaic cells in developing and emerging economies is expected to create numerous opportunities for growth. In addition, rise in government investment and increase in application of solar power in various fields is expected to propel the market growth further.

Steel and energy is the fastest growing application segment for the silicon carbide market. The high temperature of sublimation makes silicon carbide useful for bearings and furnace parts; while properties such as hardness, high thermal resistance, and high-temperature strength are extremely useful in grinding wheels and in abrasive paper and cloth products. Silicon carbide devices are replacing pure silicon devices as they operate at higher temperatures and voltages and provide high power density and higher current density.

Asia Pacific is projected to grow at the highest rate as compared to other regions. The power sector in Asia Pacific is expected to create a huge demand for silicon carbide semiconductors devices. The expected initiation of many power projects in China, India, and Thailand coupled with the implementation of solar projects in this region is creating huge demands for silicon carbide power semiconductor.

The initiative taken by the Government of Japan in relation to solar power project, there is a huge requirement of solar power panel. These panels along with solar inverter require silicon carbide material. Thus, Asia Pacific and other emerging regions are expected to be high-growth markets, driven by growing industrialization and infrastructure spending. Silicon carbide power semiconductor market demand in North America and Europe is expected to grow in-line with end-user industries.